Prediction market newcomer BET on Solana hits $20 million milestone in 24-hour trading volume

Solana-based prediction market BET has reached a new milestone of $20 million in daily volume, according to data from Dune Analytics.

However, upon closer inspection, a downward trend in the number of BET transactions over the past three days can be seen, which raises the question of how the $20 million volume was reached.

Still, this milestone is notable considering BET only launched less than two weeks ago. This suggests that BET is successfully targeting Solana users interested in blockchain-based prediction markets.

In particular, BET users have placed more than $23 million on four political bets, with more than $20 million of that wagered on Kamala Harris winning the upcoming election and around $2.3 million wagered on Donald Trump winning the 2024 presidential election.

Prediction markets

Decentralized prediction markets like Polymarkets have gained popularity over the past year, especially with the upcoming US election. These platforms allow users to pool insights into future events and often offer less biased predictions due to the financial risks involved.

For context, Polymarket has experienced unprecedented growth, achieving the highest trading volumes and user participation for several consecutive months.

However, the rise of these platforms has sparked debate about their role in public discourse, with some praising them as valuable social tools while others argue they resemble gambling.

Ethereum co-founder Vitalik Buterin praises prediction markets like Polymarket for their potential as “social epistemic tools,” arguing that they offer a unique way for the public to participate in collective predictions.

However, critics say Polymarket's election-related markets are more akin to traditional gambling than unbiased predictions, raising concerns that participants may use these platforms primarily for arbitrage opportunities between prediction markets and traditional betting platforms.

In addition, the U.S. Commodities Futures Trading Commission (CFTC) and lawmakers, including crypto-cynical Senator Elizabeth Warren, have raised concerns about the impact of these bets on the public interest and called for them to be restricted.

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